Top 10 Trends in Insurance, 2014: Becoming More Customer-Centric
Report Summary
Top 10 Trends in Insurance, 2014: Becoming More Customer-Centric
Following a financially good 2013, the insurance industry aims to up its game by better meeting customers’ channel, product, and payment needs.
Boston, January 15, 2014 – The U.S. insurance industry put on a strong performance in 2013―life and annuity companies showed growth despite low interest rates, health insurers experienced stable profits, and the P&C segment soared to its strongest levels since the financial crisis. For 2014, customer-centricity is the order of the day. Life and annuity insurers will target baby boomers, health insurance payers will boost healthcare exchange usability, and mobile and tablet technologies will win Gen Yers in P&C.
Aite Group reveals the top 10 trends that will shape the insurance industry in 2014:
- Payers crank up private exchanges' retail focus
- Health benefit account growth begets mobile payments trials
- ACH EFT remittance makes way for virtual B2B cards
- Life insurers prepare to succeed with private healthcare exchanges
- Life insurers apply underwriting BPM lessons to claims BPM
- Continued low interest rates accelerate life insurers' BPO uptake
- New turnkey asset management providers spur annuities growth
- Generation Y shifts mobile strategies for P&C
- The primary UBI value proposition changes
- Homeowners insurance sees increasing claims innovation
This 17-page Impact Note contains five figures and two tables. Clients of Aite Group's Insurance services can download this report.